Majesco Entertainment Co. (NASDAQ:COOL) had a loss and missed Wall Street’s expectations. Here’s why shares are down after hours.
Majesco Entertainment Co. Earnings Cheat Sheet
Results: Net loss decreased 30.77% to $2.7 million (7 cents per diluted share) in the quarter versus a net loss of $3.9 million in the year-earlier quarter.
Revenue: Rose 5.81% to $26.6 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Majesco Entertainment Co. reported adjusted net loss of 7 cents per share. By that measure, the company missed the mean analyst estimate of $0.02. It beat the average revenue estimate of $23.97 million.
Quoting Management: “For fiscal 2013, we expect declining sales as our core products on legacy platforms decline, and we will be offering a smaller slate of new handheld and console titles than we introduced in fiscal 2012,” Jesse Sutton, Chief Executive Officer of Majesco.